Engineering the Financialization of Urban Entrpreneurialism: The JESSICA Urban Development Initiative in the European Union

Urban entrepreneurialism and neoliberal urban governance are assuming new forms under finance‐dominated accumulation. We examine and contribute to theorizing the mechanisms through which urban governance is financialized, taking as a case study JESSICA, one of the European Union's initiatives to implement an ‘urban sensitive’ policy for sustainable and integrated development. Like other initiatives promoting financialization, JESSICA deploys the logic of finance to select and fund urban social initiatives and development projects on the basis of their potential return on investment (ROI). Understanding this process requires placing questions of political economy—how urban governance is shaped by the broader political‐economic context—with questions of governmentality—how stakeholders are enrolled in and come to take for granted new governance initiatives. Following the multi‐scalar institutional infrastructure is crucial to understanding how this works. Taking a relational multi‐scalar approach, we trace how changes at the supranational scale filter down to shape urban policy selection and performance in Sofia, Bulgaria, where we document how ROI calculations conflict with social welfare priorities. Contrasts between the trajectory of financialization of urban governance in the European Union and the United States demonstrate how this is geographically variegated, shaped by the broader context/conjuncture within which such financialization is embedded.     

Disengagement predictions via drift flux correlation vertical,horizontal and spherical vessels

The behavior of an open system is modeled. Thus, for special cases, the void fraction is predicted as a function of location and time. The open system may be an open vessel or a vessel with an open relief device. A single governing equation is derived based on combining the material and energy balances with the churn-turbulent drift flux relationship and assuming no radial gradients. This partial differential equation is not solved. It is, however, bounded by homogeneous and all vapor venting. These special cases are solved. In homogeneous venting the key variable is time. In all vapor venting under pseudo-steady-state conditions the key variable is location. The solution of the partial differential equation is also discussed. Under pseudo-steady-state and churn-turbulent conditions, the open system is modeled. The minimum void fractions (corresponding to a maximum liquid inventory) with all vapor venting, for vertical, horizontal, and spherical vessels are predicted and compared. Analytical expressions for the local and average void fractions in a vertical vessel and non-unity distribution parameters are presented. Void fraction profiles are compared for three cases: 1. vertical cylinders with distribution parameters (Co values) of unity and 1.5, 2. horizontal and vertical cylinders with varying L/D ratios, and 3. spheres with inscribed vertical cylinders having constant gas production to bubble rise ratio (Ψ′ value). The vertical cylinder average void fraction for non-unity distribution parameters can now be calculated analytically. The horizontal cylinder average void fraction predicted by turning it upright results in an over prediction of at most 4%. The sphere average void fraction predicted via an inscribed vertical cylinder, with the same Ψ′ value, is consistenly high by at most 8%.     

The influence of the precautionary principle on science-based decision-making: questionable applications to risks of radiofrequency fields

The precautionary principle, recognized by the European Commission as a 'full-fledged and general principle of international law,' has been advanced as a paradigm for response to potential risks to the environment or health when scientific data are uncertain. But lacking the elements and operational qualities that characterize principles that have proven useful in law, politics, science, and ethics, the precautionary principle lends itself to regulation based on the perception of a threat or fear itself. In the absence of scientific evidence for risk, recent application of the precautionary principle to questions about radiofrequency electromagnetic fields of cellular telephones and cellular telephone base stations has produced wasteful and misguided regulations and questionable advice to the public. The formation of scientific 'fire brigades' is suggested for rapid acquisition of targeted scientific data needed so that precautionary policies on technologically driven issues can be based on quantitative risk assessment.     

The Routes of Moral Development and the Impact of Exposure to the Milgram Obedience Study

This article examines how business students route themselves through the process of cognitive moral development (CMD) to arrive at a more autonomous level of CMD when there is an impetus to do so. In this study, two groups were given Rest’s Defining Issues Test; half the test 1 week and half three weeks later. In between, one group viewed a film of Milgram’s obedience study as a stimulus towards a more autonomous level of CMD. The results of the analysis indicate that viewing the Milgram study produced a positive response regarding subjects’ level of autonomous CMD. However, the response was not uniform across the subject pool. Females showed a greater consistent significant positive response to viewing Milgram while male subjects varied their response contingent upon their functional area of study. While subjects’ functional area of study alone made little difference in the results, when taken in conjunction with gender, significant differences were found between groups. Thus, researchers should take care when investigating differences between subjects’ area of study since gender differences may be present even within an apparently homogenous population-like business students. Marnie Young is currently completing her Masters in Counselling Psychology at the Adler School of Professional Psychology in Vancouver, BC, Canada. This article was developed from Her Honours BA thesis from Laurentian University where she graduated Cum Laude in 2000. She has presented research papers at the Administrative Sciences Association of Canada and the Academy of Management. Her paper presented to the Administrative Sciences Association of Canada in 2000 won Honourable Mention in the Business Education Division. Jerry Paul Sheppard is an Associate Professor Strategic Management at Simon Fraser University, Burnaby, BC, Canada. His research focuses primarily on organizational decline, turnaround, survival and failure. His PhD dissertation from the University of Washington in 1989 won the Strategic Management Society Best Dissertation Award. He has published Journal articles in the Journal of Management, Long Range Planning and Social Science Research. His most recent work includes Strategic Management: Competitiveness & Globalization, 2nd Canadian Edition, with Hitt, Ireland, Hoskisson, and Rowe.     

Provincializing Critical Urban Theory: Extending the Ecosystem of Possibilities

Advocating a provincialization of critical urban theory, we seek to move beyond current polarizations and disputes over the basis of urban theory, creating space to take seriously the possibility that no single theory suffices to account for the variegated nature of urbanization and cities across the world. Such provincialization requires a serious engagement with both mainstream and critical Anglophone urban theory, challenging the seeming naturalness of knowledge claims through rigorous theoretical and empirical scrutiny from the standpoint of peripheral perspectives located outside the core. This entails recognizing the existence of a shifting ecosystem of critical urban theories, putting these into even‐handed critical conversation with one another. The collective resilience of urban theory will be dependent upon ongoing engagement across such diversity. At the heart of such an ecosystem are shifts in practice, seeking a new comparative analytic that destabilizes the universalism of the dominant norm, against which all other exemplars are to be compared, with the imperative of taking the field seriously.     

Employee voice to supervisors

This article reports the results of two studies examining some factors that increase the likelihood that employees will voice to their supervisors. The way employees perceive that their supervisors manage employee voice was identified as a major cause of the likelihood that employees will voice upward. The Supervisor as Voice Manager Scale is presented along with data demonstrating its reliability and validity. Theoretical and applied implications of the results are discussed.Faculty of Management, McGill University.Fuqua School of Business, Duke University.Mathematics & Computer Science, Meredith College.School of Management, Georgia Institute of Technology.     

Book reviews

New Advanced Materials: Economic Dynamics and European Strategy.

New Technology in Context: The Selection, Introduction and Use of Computer Numerically Controlled Machine Tools.

Management Strategies for Information Technology.

Managing Information Technology in Insurance: A Guide to the Key Issues.     

Informal conflict intervention: Advice and dissent

A disparity appears to exist between how managers are advised to handle conflict and the intervention methods that they utilize in actual practice. Normative advice tends to agree that managers should adopt a facilitative, mediatorlike role (e.g., Walton, 1987; Tjosvold, 1990), while the empirical research suggests that managers are much more controlling, often deciding how to resolve the problem on their own (e.g., Kolb, 1986; Sheppard, 1983). The present study focuses on two potential reasons as to why managers utilize the methods they do: (1) They treat choices instrumentally to achieve key goals and (2) they interpret or frame conflicts in a form that suggests directive action. One hundred and eighty managers were interviewed about a recent effort to intervene in a dispute at work. The results confirm that managers are very controlling when intervening in disputes and relates this to both interpretive frame and, to a lesser extent, managerial goals. A canonical analysis appears to emphasize the pivotal role that frame plays in influencing whether or not managers choose the solution. Implications of these results for managerial action are discussed.     

Multivariate rotated ARCH models

This paper introduces a new class of multivariate volatility models which is easy to estimate using covariance targeting, even with rich dynamics. We call them rotated ARCH (RARCH) models. The basic structure is to rotate the returns and then to fit them using a BEKK-type parameterization of the time-varying covariance whose long-run covariance is the identity matrix. This yields the rotated BEKK (RBEKK) model. The extension to DCC-type parameterizations is given, introducing the rotated DCC (RDCC) model. Inference for these models is computationally attractive, and the asymptotics are standard. The techniques are illustrated using data on the DJIA stocks.